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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » I have $110,000 in credit card debt. can’t afford min. payments. What is the best solution besides bankruptcy?

I have $110,000 in credit card debt. can’t afford min. payments. What is the best solution besides bankruptcy?

I do not want to file bankruptcy, but can’t afford even the minimum on my credit cards. I’ve heard of debt managment programs and debt settlement programs, but don’t know which to trust. Any advice would be helpful at this point.

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12 Responses to "I have $110,000 in credit card debt. can’t afford min. payments. What is the best solution besides bankruptcy?"

  1. nachosandcheese says:
    YOU dont really have a choice.
  2. WRG says:
    Do a lot of investigation on any management ot settlement program you are thinking about using before you sign up.

    But with $110K bankruptcy is probably your best bet.

  3. Sofaspud. says:
    Head for Mexico.
  4. knowitall says:
    If they are not members of NFCCA they are not legit.
  5. My Take on It says:
    Wow! That’s a lot of debt! Yikes!
    First off, do NOT trust anyone who wants to charge you to manage your debt.
    Get in touch with a local chapter of http://www.NFCC.org. They will set up payment arrangements with your creditors and may even be able to stop interest from accruing etc.
    But, at 110k…unless you are making a decent salary, you might only have bankruptcy as an option.
    Now, remember, being enrolled in credit counseling is also going to reflect on your credit report. But, I am sure at that amount of debt and not being able to do the min payments, your score has suffered already. It’s honorable that you want to pay it back, but you have to be realistic.
  6. nicedoc says:
    Unfortuntately, bankruptcy is really your only option.
  7. snowcone says:
    Would it be possible to downsize? Like, sell your house and rent. Sell your car and buy a beater. Cancel anything you don’t need. Would that get you to the point of being able to make payments? Second or third job. How did you manage to get that deep anyway.
  8. ibu guru says:
    Practically all of these debt consolidation, “credit fixers,” etc, are scams – and costly. You could try to negotiate with each creditor a reduction in interest rate, or settlement for a fixed sum, but you would probably have to pay the negotiated sum or a steep payoff schedule to make it worth the creditors’ while to cut their take.

    Sell whatever you can to raise money – garage sale, sell your car, house, TV, everything. Get a second job or do some sort of freelancing or occasional labor on the side. Put your money first on debt repayment, and slash all other spending.

    Clearly you have been overspending outrageously for a long time to build up such an extraordinary credit card debt load. You are going to have to pay it. Even if you try to declare bankruptcy, with that kind of history of gross overspending and underpaying your credit cards (and even if you paid the minimum each month on time, by building up such a load, you have been grossly underpaying for years), a judge is likely to put you into a payment plan whereby you pay court costs, attorney fees, and bankruptcy trustee fees on top of the debt. They can force you into a situation whereby you must sell your house, etc, to pay off your debt – I’ve seen it happen more than once! So you might as well start selling everything and get it paid off.

  9. bergy10 says:
    Unless you have a property that you can sell , I cant see any other option but bankruptcy.

    How did you run out debts of $ 110 000 btw ??

  10. Lauren F says:
    What is your income and what assets do you have? Is there anything big you could sell to pay off a huge chunk of it (like a house, a car, a boat)?

    Is this debt the result of a one time streak of bad luck (such as major illness or divorce), or is this the result of a long time of spending far more than you take home?

    You may want to repost your question with more details about your overall financial picture and how you got there. Otherwise, talk with a non-profit credit counseling agency and a bankruptcy attorney and try to figure out what to best do.

  11. Financial Freedom Guy says:
    Yes, you CAN do this and without going into bankruptcy — if you are committed. This means rice and beans and beans and rice. It means increasing your income with a second job. It means selling some stuff, OK a LOT of stuff.

    It means doing what it takes. But, again, you CAN do it.

    Here is a good place to start to get help with credit cards:

    http://www.household-budget-made-easy.com/help-with-credit-cards.html.

    David

  12. Sonia says:
    you have 2 options. bankruptcy or debt settlement. debt settlement is a bankruptcy alternative, so if you absolutely cant do this, then you have to choose bankruptcy. debt settlement is a good option because it helps you reduce 50% or more in unsecure debt and they give you a lower monthly pyament as well.

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